Where would you like to sign in?

Nobility Homes, Inc. Announces Increased Sales and Earnings for Its Fiscal Year 2015

OCALA, FL--(Marketwired - Dec 17, 2015) - Today Nobility Homes, Inc. (OTCQX: NOBH) announced increased sales and earnings results for its fiscal year ended October 31, 2015. Sales for fiscal year 2015 were up 32% to $27,836,804 as compared to $21,152,259 recorded in fiscal year 2014. Income from operations for fiscal year 2015 was $2,941,452 versus $1,311,030 in the same period a year ago. Net income after taxes was $2,915,395 as compared to $1,257,898 for the same period last year. The net income after taxes for fiscal year 2015 included a $146,403 non-cash loss from our investment in one retirement community limited partnership. Diluted earnings per share for fiscal year 2015 were $0.72 per share compared to $0.31 per share last year.

For the fourth quarter of fiscal 2015, sales increased 37% to $8,494,623 as compared to sales of $6,183,165 in the fourth quarter of last fiscal year. Income from operations for the fourth quarter of 2015 was $1,068,641 versus $632,090 in the same period last year. Net income after taxes was $1,008,284 versus last year's results of $617,328. Diluted earnings per share for the fourth quarter were $0.25 per share versus earnings of $0.15 per share last year.

Nobility's financial position during fiscal year 2015 remains very strong with cash and cash equivalents and short term investments of $17,231,870 and no outstanding debt. Working capital is $25,702,925 and our ratio of current assets to current liabilities is 8.7:1. Stockholders' equity is $39,095,752 and the book value per share of common stock increased to $9.70.

Terry Trexler, President, stated, "The demand for affordable manufactured housing in Florida and the U.S. is improving. According to the Florida Manufactured Housing Association, shipments in Florida for the period from November 2014 through October 2015 were up approximately 29% from the same period last year. Our sales and earnings continue to be affected by the challenging housing environment, the uncertainty of the U.S. and world economy, employment levels, consumer confidence and, in particular, the lack of available retail and wholesale financing. Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many affordable manufactured housing buyers from purchasing homes.

We understand that during this uncertain economic environment, maintaining our strong financial position is vital for future growth and success. Because of the recent years of very challenging business conditions in our market area, management will continue to evaluate all expenses and react in a manner consistent with maintaining our strong financial position.

Our 48 years of experience in the Florida market, combined with home buyers' increased need for more affordable housing, should serve the Company well in the coming years. Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country."

The Company has specialized for 48 years in the design and production of quality, affordable manufactured homes at its plant located in central Florida. With multiple retail sales centers, an insurance subsidiary, and investments in retirement manufactured home communities, the Company is the only vertically integrated manufactured home company headquartered in Florida.

Certain statements in this report are forward-looking statements within the meaning of the federal securities laws. Although Nobility believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there are risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, competitive pricing pressures at both the wholesale and retail levels, increasing material costs, continued excess retail inventory, increase in repossessions, changes in market demand, changes in interest rates, availability of financing for retail and wholesale purchasers, consumer confidence, adverse weather conditions that reduce sales at retail centers, the risk of manufacturing plant shutdowns due to storms or other factors, the impact of marketing and cost-management programs, reliance on the Florida economy, impact of labor shortage, impact of materials shortage, increasing labor cost, cyclical nature of the manufactured housing industry, impact of rising fuel costs, catastrophic events impacting insurance costs, availability of insurance coverage for various risks to Nobility, market demographics, management's ability to attract and retain executive officers and key personnel, increased global tensions, market disruptions resulting from terrorist or other attack and any armed conflict involving the United States and the impact of inflation.